02:00 PM EDT, 08/25/2025 (MT Newswires) -- (Updates prices.)

Gold was steady midafternoon on Monday as the dollar and yields rose after a Friday drop as Federal Reserve Chair Jerome Powell signaled an interest-rate cut is coming.

Gold for December delivery was last seen down US$0.40 to US$3,418.10 per ounce.

The price of the metal rose sharply on Friday following Powell's Friday speech to the Fed's annual Jackson Hole Economic Policy Symposium in Wyoming. While he gave no indication a cut will come at the Sept. 17 end of the next meeting of the Fed's policy committee, he signaled a change to the bank's stand-pat rate policy is coming as the U.S. economy slows.

"Our policy rate is now 100 basis points closer to neutral than it was a year ago, and the stability of the unemployment rate and other labor market measures allows us to proceed carefully as we consider changes to our policy stance. Nonetheless, with policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance," Powell said in the text of his speech.

The dollar recovered early Monday after falling to a month low on Friday following Powell's speech, bearish for commodities priced in the currency, The ICE dollar index was last seen up 0.51 points to 98.22.

Treasury yields also2moved higher after falling on Friday. The yield on the U.S. two-year note was last seen up 2.3 basis points to 3.734%, while the 10-year note was paying 4.273%, up 0.9 points.